John Hancock Preferred Income Fund (NYSE:HPI) Share Price Passes Below Fifty Day Moving Average – What’s Next?

John Hancock Preferred Income Fund (NYSE:HPI)’s stock price passed below its 50 day moving average during trading on Thursday . The stock has a 50 day moving average of $16.30 and traded as low as $16.23. John Hancock Preferred Income Fund shares last traded at $16.2750, with a volume of 62,228 shares changing hands.

John Hancock Preferred Income Fund Trading Down 0.5%

The business’s 50-day moving average is $16.30 and its 200-day moving average is $16.64.

John Hancock Preferred Income Fund Announces Dividend

The company also recently disclosed a monthly dividend, which will be paid on Friday, February 27th. Stockholders of record on Thursday, February 12th will be issued a dividend of $0.1235 per share. The ex-dividend date of this dividend is Thursday, February 12th. This represents a c) annualized dividend and a dividend yield of 9.1%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of HPI. Royal Bank of Canada grew its position in John Hancock Preferred Income Fund by 0.3% during the 1st quarter. Royal Bank of Canada now owns 567,767 shares of the company’s stock worth $9,419,000 after acquiring an additional 1,753 shares during the last quarter. KPP Advisory Services LLC acquired a new position in John Hancock Preferred Income Fund in the second quarter worth $215,000. Envestnet Asset Management Inc. boosted its stake in John Hancock Preferred Income Fund by 6.1% in the second quarter. Envestnet Asset Management Inc. now owns 31,341 shares of the company’s stock worth $501,000 after purchasing an additional 1,806 shares in the last quarter. Wolverine Asset Management LLC bought a new stake in shares of John Hancock Preferred Income Fund during the second quarter worth $172,000. Finally, Allworth Financial LP increased its stake in shares of John Hancock Preferred Income Fund by 181.9% in the second quarter. Allworth Financial LP now owns 4,237 shares of the company’s stock valued at $68,000 after buying an additional 2,734 shares in the last quarter.

John Hancock Preferred Income Fund Company Profile

John Hancock Preferred Income Fund (NYSE: HPI) is a closed-end management investment company structured as a statutory trust under the Investment Company Act of 1940. The fund’s primary objective is to provide high current income with growth of capital as a secondary goal. It pursues this objective principally through investments in preferred securities, debt instruments and, to a lesser extent, equity securities.

The fund focuses on preferred stocks issued by U.S. and foreign issuers across a variety of industries, including financials, utilities and industrials.